Why Is It That The Irish Parliament got its recovery RIGHT! while our USA Congress got it so WRONG?

[truedelphi]

The economy is collapsed for most people here in the United States - precisely
because of the manner in which the Bailouts occurred.

So those of us who are thinking about this seriously have to ask ourselves - Why are we Americans being screwed so royally by our Governing Class?

It is most important to remember that NO restrictions were handed down to the Banks receiving the Bailout Monies.

And apparently the Bailouts were not handled in a truly sensible manner. I often wonder why, just "why?", was it impossible for our Senators and Representatives to create legal restrictions such that the Bailout money would be applied to Overall Business.

Instead, in almost all cases, here in the USA, the Trillions of dollars that the Big Banks received went directly to "easing" the toxic asset pain - and since that pain is estimated to be somewhere in the half quadrillion dollar amount, no amount of money Congress takes from Main Street can offset the pain. In fact, there is not enough physical matter in existence to offset one half quadrillion dollars of toxic assets.

However the tiny twelve to fourteen trillion dollars of "pain relief" offered by Bailouts to date has crippled Main Street.


Now let's look overseas, to see what could have been done instead...


In Ireland, the government officials are either more honest or much wiser than here in the USA.

The officials there also gave money to the Big Banks, but with the fabulous provision that since this money did go to them, from the government, the money had to be used in part to effectually secure the many mortgages about to go under.

This means that for many of the dollars offered up to the Big Irish Banks, the property owners in Ireland see a return to THEM. This is only fair - since it is the average tax payer and Main Street merchant paying for all this Bailing out of the Banking Classes Gambling Debts.

As a result, the home values in Ireland have not plummeted but are relatively stable. Nor have people there been foreclosed upon to the degree that foreclosures are happening here.

So yes, we who are thinking about this have to ask ourselves - Why are we Americans being screwed so royally by our Governing Class?

[provis99]

1. considering Irish unemployment is now 15% thanks to the banking crisis,

I'm not sure they're a very good role model.

[truedelphi]

4. It is one thing to be unemployed -

It is another thing to have your house foreclosed upon, despite the fact that each tax payer (and home owner) in our nation has already contributed between 8 thousand to 25 thousand bucks to the Overall Banking Bailouts (Depending on which expert is doing the calcualting)

[thetonka]

2. The "Stimulus" money

was more about paying back those that helped the politicians get elected, than it was about helping the people.

[truedelphi]

3. Bingo! n/t

[JVS]

5. No. Ireland is in really deep shit now. The Irish are more screwed than us and are likely to...

start emigrating again.

[Kurt_and_Hunter]

6. +10

[truedelphi]

7. How so?

http://www.irishtimes.com/newspaper/breaking/2010/1008/breaking20.html?via=mr

The bond market in Ireland is rolling along nicely. Some social critics are upset that the Government will be 100,000 units behind in building housing for the economically disadvantaged. (Does our government even build units for economically disadvantaged any more?)

They are far more stable than other areas of the world, and if you look at our "managed" numbers of unemployed, and at their numbers, the only difference is likely in the TRUTH surrounding their numbers.